Question: Problem 15-2 Calculating Flotation Costs [LO 3] The Sullivan Co. needs to raise $66.2 million to finance its expansion into new markets. The company will

Problem 15-2 Calculating Flotation Costs [LO 3]

The Sullivan Co. needs to raise $66.2 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $62 per share and the companys underwriters charge a spread of 8 percent. How many shares need to be sold? (Do not round intermediate calculations and enter your answer in shares, not millions of shares, rounded to the nearest whole number, e.g., 1,234,567.)

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